This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Coastal.com Announces Third Quarter 2013 Financial Results

Stocks in this article: COA

  • Total sales increased 10% to $55.5 million
  • Glasses sales increased 21% to $14.0 million
  • Glasses Average Order Value increased 73% to $93.07
  • Contact lens sales increased 7% to $41.5 million
  • 47 th consecutive quarter of year-over-year revenue growth

VANCOUVER, British Columbia, Sept. 12, 2013 (GLOBE NEWSWIRE)- Coastal Contacts Inc. ("Coastal.com" or "the Company") (Nasdaq:COA) (TSX:COA), the leading manufacturer and digital retailer of high-quality glasses and contact lenses today announced financial results for the third fiscal quarter ended July 31, 2013.

"Coastal.com had a strong third quarter demonstrating continued execution and momentum in our business," said Roger Hardy, CEO. "We have secured an anchor tenancy in the online optical category that we believe will become one of the best locations and categories in internet commerce over the next decade. We believe Coastal.com is well positioned in the early stages of several large market opportunities and as such, are making investments for both short and long-term success."

During the quarter, our North American business grew 13% to $27.0 million, while our European business likewise grew 13% to $22.9 million. Our Asia Pacific business declined 9% to $5.6 million, due to foreign exchange fluctuations in Japan.

During the quarter, our contact lens business in North America and Europe grew 11% and 10%, respectively, compared to the same period in 2012. During the same period, our contact lens business in the Asia Pacific region declined 10%. Overall, our geographically diversified contact lens business grew 7% to $41.5 million. During the quarter, our contact lens business generated 10% Adjusted EBITDA margins, or $4.3 million, exclusive of a 1% decline due to foreign currency fluctuations in Japan. Approximately 80% of contact lens orders and revenue were generated from returning customers. 

Coastal.com's glasses business grew 21% over the same period last year to $14 million. Revenues from our glasses business in Canada grew 25% during the quarter while glasses revenue in the United States increased 6%. Growth was driven by a 73% increase in average order value to $93.07. Our average order values for returning glasses customers grew to $112 in the United States and grew to $173 in Canada, up significantly over the prior period in part due to our reduction in ' First Pair Free' orders as well as our focus on serving enduring and attractive segments within the optical category.  These increases demonstrate our customers growing confidence in our online order processing, manufacturing and delivery. 

We continue to pursue partnership opportunities with significant eCommerce and managed care organizations that we expect would extend the reach of Coastal.com's offering to large user bases.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs